ASK ANNE: How do I know my broker is working hard to sell my practice?
Ask Anne: “How do I know my broker is working hard to sell my practice?”
If you have ever sold a property, you will be familiar with the feeling of limbo that sets in once the initial flurry of activity is over. You’ve made the decision to sell, you’ve had the valuations, selected the agent, agreed the valuation, signed terms, had the photos done, and it’s now ‘out there’…
But what happens next? How do you know that your agent is pulling out all the stops to achieve maximum reach and attract suitable buyers?
That feeling of stagnation can be even more intense when it comes to selling your business. In this case, this practice has been your livelihood for many years, in which the interests of your loyal staff and patients are heavily invested. When you put it like that, it’s clear that choosing the right broker is crucial to the satisfactory sale of your practice and you need to be sure that the broker you commission is working their hardest for you.
Throughout my many years working in this market, I have come to understand the many different types of marketing that a broker needs to use in order to meet client expectations. MediEstates use a variety of tools and resources to actively market our practices to potential buyers, including e-shots for current & new practices, emails to all ‘matched’ buyers whose provided specification matches the practice details, full brochure with financial, property & staffing information collated and mailed to buyers expressing interest and listings on both the MediEstates & BDJ Marketplace website, to name just a few!
The promise of this marketing activity is a big pull for sellers who want to be assured of a sale conducted in a timely manner. However, this is just the tip of the iceberg and I also advocate a personal approach to support the physical collateral which has been created.
To ensure no stone is left unturned and the sale is pushed through, vendors should use a broker who will meticulously trawl through their database of actively-seeking purchasers to find their perfect match. In our case, once we have identified good leads, we use a personal introduction to make calls or send emails and texts to these potential buyers in order to bring the practice to their attention and actively encourage visits and offers.
Amongst all this activity it’s important that every piece of activity is logged so that sellers can request evidence of the work being done. In our case we call this a Marketing Activity report, which includes numbers of calls made, brochures issued, practice views on
the website, number of viewings arranged and carried out, and offers made. Access to this report means that our sellers can see in granular detail the work we are doing on their behalf, which is so important for them and us.
Most brokers work to a standard turnaround time from a practice going on the market to sale agreed, and MediEstates has a proven record of keeping this timescale as short as possible. The only way to achieve this is by carrying out daily targeted marketing and sales activity on clients’ behalf until the deal is closed. By executing a clear marketing strategy for each practice which can be evidenced in detail, not only helps to sell the practice more quickly but also reassures the vendor that the broker is doing all they can to sell the practice and meet client expectations.
Posted by: Anne Barker on 23 Apr 2018